Bookkeeping

Accumulated depreciation is the total amount of depreciation expense recorded for an asset on a company’s balance sheet. It is calculated by summing up the depreciation expense amounts for each year. The four methods allowed by generally accepted accounting principles (GAAP) are the aforementioned straight-line, declining balance, sum-of-the-years’ digits (SYD), and units of production. Use…

Companies take depreciation regularly so they can move their assets’ costs from their balance sheets to their income statements. Neither journal entry affects the income statement, where revenues and expenses are reported. Instead of realizing the entire cost of an asset in year one, companies can use depreciation to spread out the cost and match…

You can use the software to deposit payments into employees’ bank accounts with one click. You can also reconcile your accounts, up automatic payments, and track your invoices. In addition, the receipt scanning feature allows you to attach an image to each invoice. Wave invoicing allows you to create and send professional invoices in just…

Switch between automatic and manual billing whenever you want. If you think your business could benefit from more in-depth tools, as well as the option to upgrade plans as you grow, you might consider QuickBooks Online as a Wave alternative. After you’ve digitized your paper receipts, you can attach them to expenses and record them…

For the Cash from Financing section, we have one inflow of cash, which is the raising of capital through debt issuances, which represent cash inflows, since debt is raised in exchange for cash from lenders. However, the $10 million in depreciation expense reduces the PP&E balance, so the net PP&E balance in Year 0 is…

The best account to choose is usually the one with the lowest fees, regardless of the interest rate. Before you are charged any fees, the Truth in Lending Act requires that the lenders disclose to you all pertinent terms of the agreement … The finance charge is the total amount paid in exchange for the…

The eight-step accounting cycle is important to know for all types of bookkeepers. It breaks down the entire process of a bookkeeper’s responsibilities into eight basic steps. Many of these steps are often automated https://accounting-services.net/the-usual-sequence-of-steps-in-the-recording/ through accounting software and technology programs. However, knowing and using the steps manually can be essential for small business accountants…

You often heard, my credit cards gives me a credit when I returned something. Or, when you are at a store and return something to that store, you get a credit. Please do not confuse what you normally know with accounting as they do have different meanings. The books of prime entry serve to ‘capture’…

We provide high levels of business bookkeeping so your financials are perfect & always up to date. At Foster Financial, we make sure that your business bookkeeping matters are running smoothly and you will be able to focus on your business productivity. Feel free to contact us today and let us handle your small business…

Since last December, students have wrestled with whether to transfer and possibly lose credits, or stay and risk the school closing. Among the nearly 280 employees, professors talked with their families about moving, and worried about whether the cafeteria and custodial staff members could find comparable jobs. And then, in 2010, the college learned of…